Buying Companies Before Someone Else Does

Chuck McQuaid likes to sail on Lake Michigan during Chicago's short summers.

The quick wits needed to respond to fast-moving squalls that sweep across the lake also come in handy in his day job. As chief investment officer at Columbia Wanger Asset Management, McQuaid is lead manager of two funds: the small-and-mid-cap Columbia Acorn Fund and the Columbia Thermostat Fund, which switches between stock and bond funds depending on the...